How Much Can be Deducted for Each Exemption I Claim?

The two types of exemptions are personal exemptions, and exemptions for dependents. You are allowed to claim exemptions for yourself, each person you claim as a dependent, and your spouse. In 2014, you can claim up to $3,950 for each qualifying child, while you and your spouse are also allowed the same amount as a personal exemption.

If you would like to learn more about deductions in general, visit the deduction information page on the IRS website.